In November 1976, Grant uses $30,000 of the specific exemption available at that time. The unified credit available to Grant for post- 1976 transfers is reduced by

Name: In November 1976, Grant uses $30,000 of the specific exemption available at that time. The unified credit available to Grant for post- 1976 transfers is reduced by
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Question

Quizplus · Accepted Answer

The specific exemption used before 1977 reduces the unified credit for post-1976 transfers by 20% of the exemption used. Therefore, $30,000 x 20% = $6,000.

In November 1976, Grant Uses $30,000 of the Specific Exemption